
Consider a list of m names, where the same name may appear more than once on the list. Let
a. Express d in terms of the variables
b. What is the
c. Argue that

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Chapter 7 Solutions
EBK FIRST COURSE IN PROBABILITY, A
- Answer questions 8.2.1 and 8.2.2 respectivelyarrow_forward8.2.3 A research engineer for a tire manufacturer is investigating tire life for a new rubber compound and has built 16 tires and tested them to end-of-life in a road test. The sample mean and standard deviation are 60,139.7 and 3645.94 kilometers. Find a 95% confidence interval on mean tire life. 8.2.4 Determine the t-percentile that is required to construct each of the following one-sided confidence intervals: a. Confidence level = 95%, degrees of freedom = 14 b. Confidence level = 99%, degrees of freedom = 19 c. Confidence level = 99.9%, degrees of freedom = 24arrow_forward8.1.6The yield of a chemical process is being studied. From previous experience, yield is known to be normally distributed and σ = 3. The past 5 days of plant operation have resulted in the following percent yields: 91.6, 88.75, 90.8, 89.95, and 91.3. Find a 95% two-sided confidence interval on the true mean yield. 8.1.7 .A manufacturer produces piston rings for an automobile engine. It is known that ring diameter is normally distributed with σ = 0.001 millimeters. A random sample of 15 rings has a mean diameter of x = 74.036 millimeters. a. Construct a 99% two-sided confidence interval on the mean piston ring diameter. b. Construct a 99% lower-confidence bound on the mean piston ring diameter. Compare the lower bound of this confi- dence interval with the one in part (a).arrow_forward
- 8.1.2 .Consider the one-sided confidence interval expressions for a mean of a normal population. a. What value of zα would result in a 90% CI? b. What value of zα would result in a 95% CI? c. What value of zα would result in a 99% CI? 8.1.3 A random sample has been taken from a normal distribution and the following confidence intervals constructed using the same data: (38.02, 61.98) and (39.95, 60.05) a. What is the value of the sample mean? b. One of these intervals is a 95% CI and the other is a 90% CI. Which one is the 95% CI and why?arrow_forward8.1.4 . A confidence interval estimate is desired for the gain in a circuit on a semiconductor device. Assume that gain is normally distributed with standard deviation σ = 20. a. How large must n be if the length of the 95% CI is to be 40? b. How large must n be if the length of the 99% CI is to be 40? 8.1.5 Suppose that n = 100 random samples of water from a freshwater lake were taken and the calcium concentration (milligrams per liter) measured. A 95% CI on the mean calcium concentration is 0.49 g μ g 0.82. a. Would a 99% CI calculated from the same sample data be longer or shorter? b. Consider the following statement: There is a 95% chance that μ is between 0.49 and 0.82. Is this statement correct? Explain your answer. c. Consider the following statement: If n = 100 random samples of water from the lake were taken and the 95% CI on μ computed, and this process were repeated 1000 times, 950 of the CIs would contain the true value of μ. Is this statement correct? Explain your answerarrow_forwardThe Martinezes are planning to refinance their home. The outstanding balance on their original loan is $150,000. Their finance company has offered them two options. (Assume there are no additional finance charges. Round your answers to the nearest cent.) Option A: A fixed-rate mortgage at an interest rate of 4.5%/year compounded monthly, payable over a 30-year period in 360 equal monthly installments.Option B: A fixed-rate mortgage at an interest rate of 4.25%/year compounded monthly, payable over a 12-year period in 144 equal monthly installments. (a) Find the monthly payment required to amortize each of these loans over the life of the loan. option A $ option B $ (b) How much interest would the Martinezes save if they chose the 12-year mortgage instead of the 30-year mortgage?arrow_forward
- The Martinezes are planning to refinance their home. The outstanding balance on their original loan is $150,000. Their finance company has offered them two options. (Assume there are no additional finance charges. Round your answers to the nearest cent.) Option A: A fixed-rate mortgage at an interest rate of 4.5%/year compounded monthly, payable over a 30-year period in 360 equal monthly installments.Option B: A fixed-rate mortgage at an interest rate of 4.25%/year compounded monthly, payable over a 12-year period in 144 equal monthly installments. (a) Find the monthly payment required to amortize each of these loans over the life of the loan. option A $ option B $ (b) How much interest would the Martinezes save if they chose the 12-year mortgage instead of the 30-year mortgage?arrow_forwardWhen a tennis player serves, he gets two chances to serve in bounds. If he fails to do so twice, he loses the point. If he attempts to serve an ace, he serves in bounds with probability 3/8.If he serves a lob, he serves in bounds with probability 7/8. If he serves an ace in bounds, he wins the point with probability 2/3. With an in-bounds lob, he wins the point with probability 1/3. If the cost is '+1' for each point lost and '-1' for each point won, the problem is to determine the optimal serving strategy to minimize the (long-run)expected average cost per point. (Hint: Let state 0 denote point over,two serves to go on next point; and let state 1 denote one serve left. (1). Formulate this problem as a Markov decision process by identifying the states and decisions and then finding the Cik. (2). Draw the corresponding state action diagram. (3). List all possible (stationary deterministic) policies. (4). For each policy, find the transition matrix and write an expression for the…arrow_forwardDuring each time period, a potential customer arrives at a restaurant with probability 1/2. If there are already two people at the restaurant (including the one being served), the potential customer leaves the restaurant immediately and never returns. However, if there is one person or less, he enters the restaurant and becomes an actual customer. The manager has two types of service configurations available. At the beginning of each period, a decision must be made on which configuration to use. If she uses her "slow" configuration at a cost of $3 and any customers are present during the period, one customer will be served and leave with probability 3/5. If she uses her "fast" configuration at a cost of $9 and any customers are present during the period, one customer will be served and leave with probability 4/5. The probability of more than one customer arriving or more than one customer being served in a period is zero. A profit of $50 is earned when a customer is served. The manager…arrow_forward
- Every Saturday night a man plays poker at his home with the same group of friends. If he provides refreshments for the group (at an expected cost of $14) on any given Saturday night, the group will begin the following Saturday night in a good mood with probability 7/8 and in a bad mood with probability 1/8. However, if he fail to provide refreshments, the group will begin the following Saturday night in a good mood with probability 1/8 and in a bad mood with probability 7/8 regardless of their mood this Saturday. Furthermore, if the group begins the night in a bad mood and then he fails to provide refreshments, the group will gang up on him so that he incurs expected poker losses of $75. Under other circumstances he averages no gain or loss on his poker play. The man wishes to find the policy regarding when to provide refreshments that will minimize his (long-run) expected average cost per week. (1). Formulate this problem as a Markov decision process by identifying the states and…arrow_forwardThis year Amanda decides to invest in two different no-load mutual funds: the G Fund or the L Mutual Fund. At the end of each year, she liquidates her holdings, takes her profits, and then reinvests. The yearly profits of the mutual funds depend on where the market stood at the end of the preceding year. Recently the market has been oscillating around level 2 from one year end to the next, according to the probabilities given in the following transition matrix : L1 L2 L3 L1 0.2 0.4 0.4 L2 0.1 0.4 0.5 L3 0.3 0.3 0.4 Each year that the market moves up (down) 1 level, the G Fund has profits (losses) of $20k, while the L Fund has profits (losses) of $10k. If the market moves up (down) 2 level in a year, the G Fund has profits (losses) of $50k, while the L Fund has profits (losses) of only $20k. If the market does not change, there is no profit or loss for either fund. Amanda wishes to determine her optimal investment policy in order to maximize her (long-run) expected average profit per…arrow_forwardSolve this questions pleasearrow_forward
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